That's what the chart told us after the market close today.
Why ? Because the level 3 support for the bulls are in danger now.
We have posted this 3 levels support of bulls as soon as they are formed.
Please also notice that the down trend line has kept the bulls under the line for 5 days to date. We drew this line over the weekend. This line is very important for the bears. Unless this line is broken out by the bulls, it is safe to hold the short positions. That's why I am keep watching this line because it tells us what time and where the market correction is over !
We have mentioned the market correction's target before. Look at the chart we drew on June 10, 2009. We clearly mentioned the correction target is the level 3 support of the Bulls. So I think the correction may be over very soon.
The key is to watch if the level 3 support of the bulls can hold well and the down trend line can be broken out successfully !!
thanks for sharing
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